bricolage, I think pfredX1 has the basis you need for drilling small, precision holes. I was always taught slow in metal fast in wood when drilling. I do a fair amount of drilling in wood, a lot of it has to be precise and I made wood "center punches" from scratch awls. I re-ground the ends with about a 15deg angle and mark the location before drilling. It eliminates almost all of the "wandering" and I use very high speeds for drilling. I also have learned to sharpen my own bits. I think the biggest hurdle for me is ending up with a perfectly centered point. Relief behind the edge is pretty basic and I have separate bits for metal as these are a little more aggressive than my wood bits (I'm just basically impatient i guess!). Before modifying the machine, I would suggest different techniques first. All it will cost you is some time.

Instead of modifying the casting you could bolt something like a shaft collar that fits the quill to the bottom and this will at least allow you to tighten up one end. You will lose some travel.

But with little drills thatís only part of the reason holes can end up in the wrong place, especially in wood. Here are some different strategies I use depending on the hole geometry, drill length and point, and what preparation I can do.

Another solution I thought of is the Microlux #82959 drill press sold by MicroMark. It is not cheap at $269 but it has variable speed in two ranges up to 5000 RPM. It is a model makers drill press well suited to the work you do.

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